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Entering the property market for the first time is a significant milestone, filled with excitement and often a fair share of challenges. Here are some essential steps to help you get started on your journey to homeownership.

• Assess your financial situation – Consider how much deposit you have (typically you will need to put down at least 5% of the property’s value as a deposit) and what you can afford to repay each month when working out how much to borrow. Create a budget that includes all potential homeownership costs such as mortgage payments, council taxes, utility charges, insurance, and maintenance.
• Explore Government schemes – In Scotland, there are a couple of government schemes designed to help first-time buyers get on the property ladder, e.g. LIFT Scheme and The First Home Fund so it is worth researching to see if you qualify.
• Decision in principle – Before making an offer on a property, you ideally should a decision in principle from a mortgage lender to confirm they are prepared to lend you money. This will involve a credit check, a review of your credit score, pay slips from your employer or copies of business accounts.
• Research – All sellers in Scotland must now provide a Home Report for the property when it is advertised on the open market, which will tell you the value of the property, the energy efficiency and highlight any concerns about the building. It is also important to understand the average property prices in your desired area and what you can expect to get for your budget.
• Make an offer and concluding missives – Once you find a property you love, it’s time to make an offer. If your offer is accepted, you’ll need to secure your mortgage formally. Your solicitor will handle the legal aspects, including property checks and contracts, ensuring everything is in order before you complete the purchase. When all the legal checks are complete and the mortgage has been issued, then missives can be concluded.

Navigating the property market can be complex. At Macnabs, we offer expert legal advice to guide you through the entire buying process, ensuring a smooth and stress-free experience.